Agrocybe aegerita, one of the edible mushroom varieties, is popular among consumers for its umami taste. Umami peptides, including EV, EG, EY, ENG, ECG, DEL, DDL, PEG, PEEL, DGPL, and EDCS are the main umami compounds in A. aegerita. In this study, when the concentration of these 11 umami peptides was 5 mg/mL, the corresponding relative umami intensity (measured by MSG concentration) ranged from 4.457 to 5.240 mg/mL, with DDL being the highest. All umami peptides exhibited better umami taste under neutral and weakly acidic conditions (pH 6–7). EY and ENG, with a higher umami intensity at 70 °C, were more suitable for a wide application in thermally processed foods. Additionally, the relationship between the structure and strength of umami peptides was explored using a three-dimensional quantitative structure-activity relationship model with an R2 of 0.987. Overall, umami peptides in A. aegerita possess strong potential for application in food processing.